New Zealand Post Group sells CouriersPlease for AUD$95M
The New Zealand Post Group has sold its Australian courier company Couriers Please Holdings to Singapore Post for AUD$95 million.
Singapore Post Ltd, through its wholly-owned subsidiary Quantium Solutions (Australia) Pty Ltd, and New Zealand Post signed a sale and purchase agreement in Sydney today.
New Zealand Post Group CEO Brian Roche said the sale of the company is a strategic decision to allow New Zealand Post to focus on its priorities in New Zealand.
“The CouriersPlease business has performed extremely well and been a highly successful investment for New Zealand Post, increasing in value on the strength of a clear strategy and its trading performance since we bought it outright in 2012.”
New Zealand Post had rejected an offer from another party to buy CouriersPlease in 2012, Mr Roche said. A well-executed growth strategy and a strong market have enabled New Zealand Post to gain value from the company.
“New Zealand Post will use the proceeds to invest in our business transformation in New Zealand as part of our five-year strategy, while Singapore Post is well-placed to support CourierPlease’s future growth prospects in Australia.”
The sale has been approved by the Australian Foreign Investment Review Board.